Tag Archives: stec

BTW is talking to a prospective partner to expand to the power business. It expects a decision to be made this year. It expects 2H16 performance to be good backed by solar farms in cooperative units. It expects 2016 revenue to reach Bt2bnm as targeted. Its backlog is Bt1.9bn, of which 50% is expected to be recognized this year. (Thun Hoon, 28/09/16)

Comment: Despite the rather old company name it’s effectively a construction company that focus on renewable energy projects, will be seeing them in a few weeks to see what the story is.

EFORL

EFORL plans to restructure the business plan for Wuttisak Clinic. It plans to focus on cosmetic products. It plans to set up an integrated beauty center to meet demand. It expects 2H16 performance to be good on seasonality . (Thun Hoon, 28/09/16)

Comment: This Wuttisak story has been ongoing for the past few years…

HTECH

HTECH plans to expand its capacity by 20%. It expects 4Q16 performance to be higher than target, backed by its new equipment. It expects sales to mark a record high after recording a net profit of Bt46.88mn in 1H16. It expects its plant in Vietnam to operate in 1Q17. (Thun Hoon, 28/09/16)

Comment: Despite the news that VN is the place to be for manufacturing, a visit there has shown that salaries are already in line in with Thailand for skilled labour and there is a bigger shortage of skilled labour…

ILINK

ILINK plans to hold a roadshow to attract foreign investors. It expects the plan to be finalized in November. It expects to get new orders which will raise its backlog. (Thun Hoon, 28/09/16)

MK

MK maintains its target 2016 property revenue at Bt2.5bn even though total revenue fell to Bt3.1bn. It plans to launch two projects in 4Q16 valued at Bt841mn. It is budgeting Bt1.2bn to expand its leasable area to reach 250,000sqm within 2020. (Khao Hoon, 28/09/16)

BIZ
BIZ reported 2Q16 net profit of Bt8.10mn with total revenue of Bt106.59mn, growth of 502% backed by more orders. (Kao Hoon, 06/08/16)

GPSC
GPSC reported 2Q16 net profit of Bt686mn or growth of 45%, with 1H16 net profit of Bt1.56mn, growth of 55%. It plans to invest in new projects in Thailand and abroad. It expects the 550MW power plant to proceed as planned. (Kao Hoon, 06/08/16)Comment: This power play has continued to impress since its IPO earlier this year.

PLANB
PLANB expects 3Q16 to record a new high as it will book revenue of no less than Bt10mn from digital media in BIGC. It plans to add 60 digital media boards nationwide. It is confident that 2016 revenue will grow no less than 25%. (Thun Hoon, 06/08/16)Comment: Its still rather incredible that this company is trading at these lofty multiples despite their failure to show the magnificent growth, then again as I tell my friends, when investing in Thailand you have to “Believe!”

QLT
QLT plans to set up a subsidiary in Myanmar and expects to expand customer base in 2H16. It expects to get more revenue from gas pipeline expansion job in the north. It has backlog of Bt300mn, with Bt180mn of this to be booked this year. (Thun Hoon, 06/08/16)

ANAN and Mitsui Fudosan plan to set up associated companies and launch three projects at the end of this year. It expects this to bring up backlog from Bt38bn, which can cover revenue until next year. It plans to buy land. (Thun Hoon, 14/07/16)

Comment: And their growth is effectively secured for the next 2 years

ARROW

ARROW is budgeting Bt37mn to set up its 2nd electrical conduit plant on 7 rai of land in order to serve high demand. This will increase its capacity by 50%. It expects RTRC conduits to be a key driver. It expects 2016 revenue to be not less than Bt1.4bn. (Thun Hoon, 14/07/16)

ATP30

ATP30 signed a contract valued at Bt20mn to provide five years of logistics service. It took part in Bt800mn bids and expects to get this job. It expects 2Q16 earnings to be good thanks to new clients. (Thun Hoon, 14/07/16)

Comment: Popular at the amount amongst retail investors, seems to be a steady cash earner with its basic logistics service

BWG

BWG plans to operate RDF phase 2, capacity of 250 tons, by the end of this year. This will ramp up its total capacity to 600 tons per day which can serve three 10MW power plants. (Khao Hoon, 14/07/16)

AAV sets 2016 passenger target of more than 16.9mn passengers from 14.8mn. In THE first two months, the number of passengers grew 20%. It has budgeted Bt500mn to buy five planes and for oil price hedging. (Kao Hoon, 31/03/16)

Comment: Without a doubt they are the #1 airline carrier in town.

CWT

CWT increases revenue target growth to Bt1.7bn supported by wood export business. It expects to get a new customer in the automotive business to increase its backlog by Bt1.5bn. (Thun Hoon, 31/03/16)

EFORL

EFORL reports subsidiary “Siam Snail” plans to open the first snail eco farm in Asia after completing a study. (Thun Hoon, 31/03/16)

Comment: I have no idea how this will add value to its business…a most rather curious case of diversification

HMPRO

HMPRO expects profit in 1Q16 of Bt819mn or growth of 12% supported by positive SSS growth, new stores and profit at the Mega Home format. (Kao Hoon, 31/03/16)

Maybank Kim Eng Thailand has these great updates on a weekly basis regarding the Infrastructure Investment, see below for a succinct summary.

Who benefits from this? Well the usual players, CK, STEC, UNIQ, ITD, maybe the smaller ones too hopefully, i.e. NWR, CNT, PYLON, etc…Investment: Infra investments update
The Cabinet approved construction of a Yellow Line and a Pink Line. The government will now look at the bidding process to ensure it takes place within the next three months. The rail links are needed to reduce traffic congestion in Bangkok, which currently has three skytrain lines and one underground line.

Mass-transit routes in Greater Bangkok: Yellow Line (Lat Phrao-Samrong (a straddle-type monorail line)) (THB52b) (2016-2019 or earlier)
Funding: Some included in FY16 budget. The government will invest no more than THB20b, covering the land expropriation costs and many of the civil works. The private sector will invest in the remaining civil engineering projects, trains, operating systems, and maintenance services, under a 30-year concession.

PPPs: Yes; construction and operation. The government will invest no more than THB20b, covering the land expropriation costs (THB6.01b) and many of the civil works; the private sector will invest in the remaining civil engineering projects, trains, operating systems, and maintenance services, under a 30-year concession; the private sector must take all risks – under the PPP Net Cost model – if the number of passengers is not as expected.

Distance: 30.4km. The daily ridership for is estimated at 247,900 person.

BJC
Foreign banks help BJC fund US$6.2bn Big C buy – Berli Jucker Plc (BJC) has tapped foreign banks including BNP Paribas as well as domestic lenders to raise US$6.2 billion for its acquisition of Big C Supercenter Plc, putting it on track to successfully meet a March 31 financing deadline. (Bangkok Post, 4/3/16)Comment: One hopes for BJC that the support is certain otherwise they’ll be out of pocket to the tune of USD 600 mn

GUNKUL
GUNKUL approved a par split from Bt1 to Bt0.25 to increase liquidity. It ready to issue a debenture of not over Bt3bn, age not over 7 years to support further expansion. It will offer the debenture to shareholders on April 26. (Thun Hoon, 07/03/16)Comment: Well if you want to do a stock split now before the SEC implements the 0.50 minimum ruling.

IRCP
IRCP set up a JV, “Singhacom intergroup”, with Singhacom enterprise to act as a service provider and improve 4G network. It expects to book revenue in 2016 of Bt100mn. (Kao Hoon, 07/03/16

JWD
JWD expects to finish M&A deal in ASEAN worth more than Bt3.5bn. It is interested in logistics business. It targets revenue growth of no less than 10%. (Kao Hoon, 07/03/16)

CCP
CCP expects public projects to fill its backlog this year after orders for motorway projects are added to its backlog. It expects to get private projects, which will increase its gross margin to 5%. It expects the Thai-China dual-track project to progress. (Thun Hoon, 08/02/16)

ECF
ECF expects solar farm ECF-Tamado Energy GK in Japan to contribute revenue soon after operational startup. For the furniture business, it expects to expand its market at home and abroad by increasing distribution channels. It expects revenue from its core business to grow 10- 12%. For its retail business, 100 Yen Can do, It plans to open booths in 10 department stores. (Thun Hoon, 08/02/16)

GOLD
GOLD plans to set up Bt10bn REIT, selling Sathorn Square and Park Venture into it. It expects a decision to be made by 1Q16. It expects this to gain Bt4.5bn in cash. It expects its FYI office center to contribute Bt631mn in revenue in this year. (Thun Hoon, 08/02/16)Comment: That’s slightly inaccurate reporting, it’s UV and GOLD together setting up a REIT and it should be completed shortly.

NCH
NCH expects 1Q16 earnings to be good, backed by property incentives. It targets 2016 revenue of Bt2bn driven by transfers. It plans to launch a Bt2bn new project. (Thun Hoon, 08/02/16)Comment: Arguably this is the last decent quarter that developers may show profit wise for the year, although given that pre-sale launches were minimal over the past 2 years since the coup, some are betting that we’ll begin to see huge presale #’s this year.

AH expects 2016 sales to grow 5-6% backed by automotive sector recovery. It expects to increase revenue by focusing on making molds, which increases its gross margin. (Thun Hoon, 11/01/16)

Comment: Rubbish, this company hasn’t performed for a decade.

BJCHI

BJCHI expects 4Q15 earnings to reach a record high aided by transfers and the baht depreciation. It targets 2016 revenue growth of 15%. (Thun Hoon, 11/01/16)

CHO

CHO plans to expand to Myanmar, Malaysia, and Indonesia. It expects this to contribute Bt100mn revenue this year. It targets 2016 revenue of Bt1.6bn with a 6% net margin. It is budgeting Bt100mn to invest in two garages. (Thun Hoon, 11/01/16)

AJD
AJD reported 9M15 net profit of Bt25.64mn (+1,007%). It expects continued growth in 4Q15. (Khao Hoon, 19/11/15)Comment: While he may wear the funkiest sunglasses in all of his advertisements, the company hasn’t proven itself in terms of a consistent financial performance

AOT
AOT expects FY2016 earnings to be good on opening Terminal 2 at Don Muang. This will increase passengers by 20% and revenue by Bt1.2bn. It expects APPS (Advance Passenger Processing System), to start up on Dec 1, to increase its revenue. (Khao Hoon, 19/11/15)Comment: Without a doubt still one of the biggest winners in this country. Don Muang’s numbers should still continue to grow and grow and grow.

DRT
DRT plans to expand to Myanmar which it expects will increase its revenue growth. It plans to talk to a prospective partner in December. It targets 2016 revenue growth of 5%. 9M15 net profit was Bt272mn. It expects 2015 revenue to be close to last year’s Bt4.25bn. (Thun Hoon, 19/11/15)Comment: A nice story but a small impact, if one were an active investor they should take over management and drive this business properly

EPG
EPG expects FY2016 to grow 25-30% with net profit doubling from FY2015 after 1HFY16 net profit already surpassed FY2015’s. It targets revenue growth of 20% for next two years. It expects EPG stock to be included in SET100 after it has resolved the free float snag. (Khao Hoon, 19/11/15)Comment: And that explains the stock price performance this past month, I’ve personally had difficulties wondering how to value this business as its a bit of a black box, what is the true value of a patent?